As of Q4'25, NBIS's cash and short-term investments stood at $3.68B USD, reflecting a moderate decline from the peak of $4.79B USD in Q3'25, while debt reached $4.89B USD, surpassing cash levels for the first time in recent quarters and indicating a net debt position of approximately $1.21B USD. This latest data point highlights a shift toward higher leverage compared to earlier periods when cash reserves significantly outpaced liabilities. Over the period from Q1'23 to Q4'25, cash and short-term investments exhibited high volatility, starting at $1.56B USD, dipping sharply to $158M USD in Q1'24, then surging to a high of $4.79B USD in Q3'25 before the recent pullback, suggesting aggressive liquidity management possibly tied to operational expansions or acquisitions. In contrast, debt trended upward overall from $1.24B USD in Q1'23 to $4.89B USD in Q4'25, with notable acceleration post-Q2'25 from $1.19B USD, though it briefly contracted to minimal levels of $10M-$36M USD in mid-2024; this pattern points to strategic borrowing to fuel growth, but the widening gap in later quarters raises concerns about sustainability and potential refinancing needs for financial analysts monitoring balance sheet health.